Industrialist Gautam Adani on Sunday said the Adani Group has clinched a deal to acquire Holcim Ltd's stake in Ambuja Cements and ACC Limited. It is the largest ever acquisition in India's infra and material space valued at $10.5 billion. This will mark the ports-to-energy conglomerate's entry into the cement sector.
Adani has in the last couple of years diversified beyond the core business of operating ports, power plants, and coal mines into airports, data centers, and clean energy.
The group last year set up two cement subsidiaries - Adani Cementation Ltd which was planning to set up two cement units at Dahej in Gujarat and Raigarh in Maharashtra; and Adani Cement Ltd.
The deal will make billionaire Gautam Adani's conglomerate the second-largest player in the domestic cement sector by acquiring the joint control of Holcim's two Indian step-down firms ACC Ltd and Ambuja Cement.
(With PTI Inputs)
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